CLSA semiconductors analyst holds an analyst/industry conference callSemiconductors Analyst Pajjuri, along with Jag Bolaria, Principal Analyst and head of the Server practice at The Linley Group, discuss the latest developments in the ARM server market on an Analyst/Industry conference call to be held on July 24 at 11 am.

Treasury Action: yields backed higher Treasury Action: yields backed higher with those of Bunds, mostly reflecting lingering volatility over the Greek situation where bailout talks are set to be completed by August 20 and plenty of pitfalls remain. Hedging of corporate supply has also been a repeat offender, as big multi-tranche deals crowd out underlying Treasuries and futures intermittantly. The T-note yield shot back up to the 2.40% pivot form 2.35% Asia lows before pausing once again, while the Bund yield probed 0.80% from the 0.733% area. The Bund/T-note spread remained stuck near -161 bp, implying a parallel shift. The 2s-10s spread widened out to +169 bp. Curiously, stocks are extending losses in pre-open trade, amid fresh disconnect.

Energy Action: September NYMEX crude Energy Action: September NYMEX crude touched better than three-month lows of $50.06 overnight, before recovering to $50.51. The contract currently trades at $50.41. The modest pullback in the dollar removed some selling pressure, though the moribund rebound seen so far leaves the downside vulnerable. The August contract traded under the $50 mark on Monday, though expires at the close today, leaving September as front-month. RBOB gasoline trades at $1.91/gallon, well above its three month lows of $1.85.27 seen last week, despite soft crude prices, as summer demand remains strong. Natural gas futures meanwhile, remain range bound, near $2.86/M BTU.

U.S. chain store sales rebounded 0.3% in the week ended July 18 U.S. chain store sales rebounded 0.3% in the week ended July 18, according to The Retail Economist data, after dropping 1.0% previously. However the annual pace accelerated to 2.5% y/y versus the 1.9% y/y for the week before. Hotter, more humid weather helped boost demand for seasonal items. Back-to-school shopping should help support in coming weeks too.

Federal Reserve Board to hold a closed meetingClosed Meeting to consider periodic briefing and discuss financial markets, institutions and infrastructure is being held at the Federal Reserve's Washington, D.C. offices on July 21 at 9 am.